President Obama’s credit card reform directly changes legislation to make the credit card market a safer place for consumers to tread by instituting several key changes. View our slideshare to see a complete breakdown.

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What Obama’s Credit Card
Reform Means For You

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Carl is skeptical
about President
Obama and his
legislation.
After all, it can be difficult
to separate political
rhetoric from the ways in
which legislation affects
you, the taxpayer.

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Carl uses his credit card responsibly when
he’s in a sticky situation,
but has incurred a little too much debt
due to rising interest rates and fine print.

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After sorting through
the Credit Card
Accountability,
Responsibility, and
Disclosure Act, Carl
discovered some
surprising and
exciting facts.
Carl found that the
act exists to protect
consumers from
creditors that might
try to take
advantage of him
and his situation.

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No more fine print
and no more confusing language!
The law mandates that credit card companies
send out application forms and balance
statements with all information regarding their
finances in
plain language and in plain sight.

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It also ensures that consumers can shop
for a card without the fear of being taken
advantage of.
Now Carl can choose his
card through websites like
CreditCardXPO without the
fear that some of the
cards are dangerous,
or duplicitous.

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And finally, the law states that there will be
more accountability in the system, so those
companies who do engage in deceptive
practices that hurt families and consumers
will be shut down.

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Specifically, the law now:
1. Bans unfair trade increases
2. Prevents unfair fee traps
3. Contains plain sight and plain language disclosures
4. Holds regulators accountable
5. Protects students and young people

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#1
Unfair Trade Increases

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The law bans retroactive rate increases, and provides
first year protection for consumers like Carl.
A creditor is no longer able to change the percent
interest rate for no reason, and must abide by the
stated introductory contract for a year.
They may change the terms of the contract after
the first year, but must spell out clearly in plain
language what those changes entail.

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#2
Unfair Fee Traps

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Institutions will now have to give card holders a
reasonable time to pay the monthly bill –
at minimum 21 calendar days from the time of mailing.
It also ends late fee traps
such as weekend
deadlines, due dates that
change each month, and
deadlines that fall in the
middle of the day.

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Finally, it limits fees on gift and stored
value cards, so Carl can’t be gouged
every time he uses one.

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#3
Plain Sight and Plain
Language

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The law now requires card issuers to show the consequences to
consumers of their credit decisions.
Issuers have to display on periodic statements how long it
would take to pay off the existing balance - and the total
interest cost - if the consumer paid only the minimum due.

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And they now have to
display the payment
amount and total
interest cost to pay off
the existing balance in
36 months, helping Carl
decide how best to
settle his debt in a
realistic manner.

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#4
Accountability

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Regulators and consumers like Carl
can now better monitor changes in terms!
Instead of only being available in hard copy
and in confusing language,
the law mandates that credit card
companies post contracts with consumers
on the Internet in a usable format.

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To protect consumers, regulators will now be
required to report annually to the congress on
their enforcement of credit card protections.
And regulators are now required to get input
from Carl on potential consumer protection
issues on a biennial basis to determine what
new regulations or disclosures might be needed.

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#5
Student and Young Adult
Protection

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Finally, the act contains new protections for
college students and young adults.
Card issuers and universities are now required
to disclose agreements with respect to
the marketing or distribution of credit
cards to students.

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So Carl no longer needs to worry
about his children signing up for
a credit card on campus in return
for a free pizza!

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Carl still isn’t sure what to make of the
political rhetoric coming from both sides, but
this new law protects him and his family from
credit card issuers who may mean him harm.
And Carl knows that’s good for him and
his wallet.

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